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Tuesday, November 28, 2006

Didn't see any American stocks worth taking a punt on today, so I scalped my old favorite RIM on the TSX for about $60 in profits until I had to goto work. Of course, as it turns out, I would have done better if I had just held RIM through to market close, but I felt it was just too risky, especially in these choppy waters.And how about those first 45minutes this morning? Looks to me like both longs and shorts got toasted in this morning's session.

I don't see any clear market direction right now. Today and yesterday's move looks an awfully lot like the beginning of November. I think the Naz wants to move back up to 2450, but where to after that? That's the real burning question in my mind. The area around 2450 is the new line in the sand. And yesterday's selloff left a bigger red candle than the selloff at the beginning of November, so it does give me some concern as to how many more of these one-day hits can the market take.